KOF · KOF Q2 FY2026 earnings call record财报电话会记录

“It has impacted many people throughout the region, including employees of Coca-Cola FEMSA Venezuela and their families.”

“At the same time, Mexico continued to face headwinds from the excise tax increase and a softer consumer environment.”

“Gross profit increased 8.8% to MXN 35.9 billion, leading to a margin expansion of 180 basis points to reach 47.1%.”

“Excluding this insurance recovery, operating income would have increased 6.4%, with operating margin expanding 20 basis points to 13.6%.”

“Our operating leverage and expense efficiencies, particularly in labor and rent, drove this normalized margin expansion.”

“As I mentioned earlier, our quarterly results continued to reflect headwinds from the excise tax increase and softer consumer dynamics.”

“Incremental demand was primarily generated in host cities through fan fest activations and other consumer touchpoints, while non-host cities experienced a more limited impact.”

“Fourth, we innovated and launched offerings in underrepresented segments, such as our recent launch of Ciel Aguas Frescas, which has been positively received by consumers.”

“Looking ahead, we expect the consumer environment in Mexico to remain subdued.”

“Our customer base grew 5.2% to approximately 156,000 customers, while cooler coverage increased 40 basis points to 78.8%.”

“Do you still see the -2%, -4% for the year based on year-to-date volume and consumers' behavior?”

“But when you sit with the board to discuss what are the best usages for excess cash, any color on how to think about dividends, ordinary, extraordinary buybacks, the potential comfortable leverage you would be willing to get into?”